Vectis Ferries Limited has written to the Secretary of State for Transport to request formal discussions about the future of Red Funnel’s lifeline ferry services to the Isle of Wight.
The company’s board includes former Red Funnel executives: Patrick Seely, Former Non-Executive Director, Red Funnel; Peter Morton MBE, Wight Shipyard; Kevin George, Former Chairman and CEO, Red Funnel; current Chairman, Aurigny Air Services (State airline of Guernsey); Non-Executive Director, Isles of Scilly Steamship Group; Graham Barnetson FCMA, Former CFO, Red Funnel, Non-Executive Director, Isle of Wight NHS Trust and James Walton, experienced shipping financier.
Concerns about fleet replacement
The request comes while the proposed sale of Red Funnel Group to Njord Partners remains under review under the National Security and Investment Act 2021. This follows an 18-month sale process.
In their letter to the Minister (see below), Vectis Ferries Limited say that Red Funnel’s business plan did not secure support from multiple potential investors and operators during that period and they highlight that Njord Partners is primarily a turnaround and distressed-asset investor and the board notes a lack of any published commitment to fund fleet renewal.
Red Funnel’s Raptor-class ferries are now more than 30 years old.
Vectis: Islanders need clarity, resilience and a clear plan for the future
A spokesperson for Vectis Ferries Limited said,
“The decisions taken now on vessel replacement and service design will determine the Island’s economic prospects for a generation.
“It is essential that long-term service reliability and investment are prioritised over short-term restructuring outcomes.
“Islanders need clarity, resilience and a clear plan for the future.”
Vectis proposes an alternative model
Vectis Ferries Limited also says that it has developed a fully costed alternative service model.
The model includes faster and more frequent crossings. It also includes increased Island-based employment and long-term capital investment, the company says.
Vectis argues that an Island-centric approach will support wider regeneration and that their proposals align with calls for an independent oversight body with powers to set service standards and ensure accountability.
Call for transparent review
The Department for Transport’s approach to cross-Solent services has reflected long-standing familiarity with the current operator, explained Vectis.
Given the scale of future fleet decisions, they say this is the right moment for Ministers to review all viable delivery options on a transparent, evidence-led basis.
The spokesperson added,
“Red Funnel has changed ownership multiple times over 25 years without a corresponding programme of fleet renewal.
“That short-term investment cycle cannot continue. We are requesting the opportunity to present our plans to Ministers before any transaction reaches completion.
“This is a strategic decision for the Island’s connectivity, economy and resilience.”
Support for statutory oversight
Vectis states that it supports the efforts of the Island’s Members of Parliament to introduce a statutory governance framework.
This framework would oversee lifeline ferry services in the public interest, they say.
